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Education for General Insurance Actuaries

Education for General Insurance Actuaries. Casualty Actuarial Society Mary Frances Miller President, CAS. CAS Education Stages. Preliminary Education Practice Application Advanced Finance and Asset Management Nation-specific Practice Course on Professionalism. Preliminary Education.

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Education for General Insurance Actuaries

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  1. Education for General Insurance Actuaries Casualty Actuarial Society Mary Frances Miller President, CAS

  2. CAS Education Stages • Preliminary Education • Practice Application • Advanced Finance and Asset Management • Nation-specific Practice • Course on Professionalism

  3. Preliminary Education • Mathematical Background for Actuarial Science • Probability and Mathematical Statistics • Mathematics of Finance (Interest) • Actuarial Models (including life contingencies) • Applications of Actuarial Models (including credibility theory, regression & curve fitting) • Economics & Basic Finance • 4 Examinations (14 hours) + required coursework in economics, finance, regression & time series • Approximately 1600 hours preparation time

  4. Actuarial Practice • Covers a wide range of theory and practical applications: • Insurance exposures: Long tail, short tail, periodic payments • Pricing insurance policies • Reserving for insurance liabilities • Accounting: Basic and insurer-specific • Reinsurance & excess insurance • Etc. • 3 Examinations (4 hours) • 1200-1500 hours preparation time

  5. Assets & Nation-Specific Practice • Advanced Finance/Assets course is based on graduate textbooks in finance • 4 hour examination; 500 hours preparation • National Practice Exam • Insurance law and regulation • GAAP and statutory accounting • Standards of practice & professionalism • Current options are US & Canada • 4 hour examination; 500 hours preparation

  6. Internationalizing CAS Education • Preliminary topics • Waiver rules for UK/Australia/India • CAS is committed to developing waiver options for other systems • Nation-specific • Exploring options for other national practice education (eg UK/Australia/India/South Africa) • Potential for “international” practice exam if sufficient interest • International accounting regs & standards of practice

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